Ophthalmology is a medical procedure which deals with diagnosis, prevention, treatment of diseases related to eye and the visual system.

The global ophthalmology devices market is anticipated to expand from USD 29.4 Billion in 2014 to reach USD 49.0 Billion in 2020, exhibiting a compound annual growth rate (CAGR) of 8.89%. Regionally, the global ophthalmology market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and Africa and Rest of World.

Market Size and Forecast

North America holds the first rank in global ophthalmology market at present. The market of ophthalmology devices in the region is projected to swell from USD 11,451.0 Million in 2014 to USD 16, 243 Million by 2020, registering a CAGR of 6.0%.

Following North America, Europe is the second largest market for the ophthalmology devices. Europe has many big markets for the devices but Germany is the largest revenue generator in ophthalmology devices followed by Italy and the U.K.

Furthermore, Asia-Pacific is anticipated to witness the highest growth in ophthalmology market during the forecast period i.e. 2015-2021. The market in the region is expected to prosper from increasing cases of eye diseases along with rising government support for development of ophthalmology devices in countries such as China and India. In addition to that expansion of greying population in Japan is also projected to garner the ophthalmology market in Asia over coming 5-6 years.

Market Segmentation

By Devices

Contact lens

Optical Coherence Tomography (OCT) Scanner

Canaloplasty device

Glaucoma drainage device

Phoropter

Retinoscope

Viscoelastics devices

Ophthalmoscopes

Phoropters

Tonometers

Others

By Drugs

Dry eye drugs

Anti-glaucoma

Anti-allergy/inflammatory drugs

Retinal Drugs

Growth Drivers and challenges

Rapid expansion of aging population coupled with bolstered ENT medical issues due to change in lifestyles and increasing innovations in ophthalmology devices etc. are few factors to bolster the growth of global ophthalmology market over the forecast period i.e. 2015-2021.

In addition to that, rising government initiatives to improve health infrastructure in developing economies and emphasis on healthcare insurances are expected to drive the global ophthalmology market in future.

However, high cost associated with ophthalmology devices and dumping low-quality ophthalmology devices at a cheaper rate in international market by China are few of the reasons hampering the growth of global ophthalmology market over next few years.